Shares of beauty products company Coty dropped in their first day of trading on the New York Stock Exchange. According to reports, the shares slipped 14 cents to close at $17.36 Thursday after falling as low as $16.90 earlier.
Coty Inc.'s initial public offering of about 57.1 million shares raised nearly $1 billion for some of its stockholders. The offering priced at $17.50, the midpoint of its projected range of $16.50 to $18.50 per share. Coty won't receive any proceeds from the offering, and the underwriters have a 30-day option to buy an additional 8.6 million shares, added reports.
Mr. Michele Scannavini, CEO, accompanied by Coty’s Executive Committee and a group of business partners, celebrated the company’s first day of trading by ringing the NYSE Opening Bell and visiting the trading floor for the stock opening.
“Today marks an important milestone in the continued growth of Coty, as we list on the prestigious New York Stock Exchange,” said Scannavini. “We are proud of Coty’s many accomplishments and proven industry track record, and are enthusiastic to embark on this exciting new chapter.”